Nyala Insurance S.C. (NISCO) has announced a gross profit of Birr 636.4 million for the previous fiscal year, achieving a remarkable 109.5 percent growth despite the challenging macroeconomic and socio-political conditions in the country.
During the 30th General and 23rd Extraordinary General Meeting held on November 26, 2024, at the Sheraton Addis, Dr. Sara Surur, Chair of the Board of Directors, presented the company’s annual performance report to shareholders. She highlighted a significant increase in gross profit, which rose from Birr 303.7 million to Birr 636.4 million, more than doubling the previous year’s figure. As a result, earnings per share (EPS) increased from Birr 354 to Birr 502, reflecting a 42 percent rise.
Dr. Surur also emphasized that NISCO generated over Birr 1.6 billion from general, long-term (life), and takaful insurance operations, marking a 20 percent increase. Of this total, the general insurance segment accounted for approximately 74 percent, while long-term insurance premiums and takaful represented increases of 18.7 percent and 7.6 percent, respectively.
Additionally, she noted that the company’s total assets grew to Birr 4.5 billion, representing an 18.8 percent increase from the previous fiscal year. This growth was partly attributed to increased equity from capital investments made by shareholders.
Conversely, Dr. Surur reported that the company disbursed approximately Birr 350 million in claims to customers, which is a 5.6 percent decrease from the previous year.
Yared Mola, CEO of Nyala Insurance S.C., expressed the company’s commitment to improving operational efficiency, enhancing customer satisfaction, and expanding into untapped markets, particularly those that are underserved.
“This year marks the second year of our ambitious strategic period. We are focusing on digital transformation and innovation to meet our customers’ evolving needs. To advance our goals, we have restructured NISCO to drive innovation and enhance service delivery, positioning ourselves as a future-ready organization. In line with this vision, we have introduced a new customer-centric initiative by transforming our branches into Customer Experience Hubs (የደንበኞች ቤት),” he stated.
The CEO explained that these hubs are designed to enhance customer interactions by integrating the customer experience concept at every touchpoint, ensuring a smooth and personalized service journey for each customer. This transformation underscores the company’s commitment to elevating service quality and delivering an exceptional experience for clients.
Yared emphasized the company’s dedication to becoming a forward-thinking, technology-driven institution that prioritizes customer satisfaction and operational efficiency.
Founded in 1995 with a paid-up and subscribed capital of Birr 7 million and 25 million, Nyala Insurance S.C. is a robust and innovative financial institution that offers tailored products and services, including microinsurance, mobile insurance, and diaspora insurance.
